Stock Market Viewpoint

Reading the Tea Leaves...

Thursday, September 9, 2010

Let's hope we don't run out of steam here

click on above image to enlarge

Very little time tonight but the most important chart of either group is actually in the lower charts, row 1 chart 4. The S&P price has basically been slowly inching along the lower line of the brown mother channel. This has caused the red 108 EMA to turn slightly upward and coincide with the lower brown line. We are straddling two fences, this is the unique pivot point I have mentioned the past week and a half. Today we closed exactly on the brown line.

On the jobs front, it's kind of a mixed bag...the unemployment numbers show improvement but the real reason is because there are masses of people exhausting their benefits and are coming off the list and this is grossly distorting the numbers and will for the next 2-3 months.

There's going to be a big move, one direction or the other, once that double pivot point resolves itself.

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